30:10-1-12. Policy and
procedures statement for oil, gas and mineral leases
(a) Policy statement.
(1) It is the
policy of the Board of Regents for the
(2) It is the
policy of the Board to do all within its power to assure the realization of
maximum income from any mineral resources underlying property which the Board
owns, giving due consideration to any environmental impact. In keeping with
this policy, the Board does not intend to lease any of its mineral interests
for mere speculative purposes, where the only reasonable assurance of income therefrom is nominal bonus and/or rental. The development
of said resources shall be in accordance with the rules, regulations, and
procedures set forth herein and all applicable laws of the State of
(3) The Board
shall have the final authority and responsibility for the management and leasing
of all mineral interests. As to all mineral interests owned by the Board for
the use and benefit of the Oklahoma State University, the Vice President for
Business and External Relations shall be responsible to the Board for
coordinating and implementing the Board’s policies, procedures, and regulations
and the general supervision of the management activities and performance as
provided for the Board by The Commissioners of the Land Office for the State of
Oklahoma. As to mineral interests owned by the Board for the use and benefit of
Connors State College,
(4) Except as
otherwise specifically authorized by the Board, the sale of oil and gas leases
shall be conducted according to the rules, regulations, and procedures set
forth herein.
(b) Rules and Regulations.
(1) The Commissioners
of the Land Office for the State of
(2) The
Commissioners of the Land Office shall provide, on a monthly basis, reports on
all leasing and drilling activity, bonuses and royalties received and
reimbursement of net proceeds.
(3) The
Commissioners of the Land Office shall notify the Vice President of Business
and External Relations for Oklahoma State University or the Presidents of the
other A&M institutions of all expressions of interest for potential mineral
leasing activity, seeking directive from a particular institution concerning
its land usage requirements with regards to mineral exploration.
(4) Each
A&M institution shall evaluate lands owned on an annual basis to determine
availability for mineral exploration. This evaluation shall result in the
following categorization of land usage to be followed by The Commissioners of
the Land Office in the offering of mineral leases:
(A) Lands with no
limitations. These lands may be offered for mineral exploration with no
limitations as to institutional use.
(B) Lands with
limitations. These lands can be leased for spacing purposes or other
non-drilling purposes as established by the proponent institution
representative.
(C) Lands with
lease provisions. These lands may be available for drilling with directives
established by the institutional proponent for drilling equipment installation,
ingress and egress requirements, and restrictions to drilling sites based on
research or teaching activities.
(5) The
Commissioners of the Land Office shall uphold Board requirements that restrict
drilling or mining for oil and/or gas within less than three hundred (300) feet
of any building or research area or body of water situated on the leased land
without previously obtaining written consent from the Board.
(6) The
Commissioners of the Land Office shall comply with the special statutory
requirements applicable to the Boards of Regents of State educational
institutions contained in Title 70, Oklahoma Statutes, Section 4301 including
the right to have gas free of cost from any well upon leased premises for use
of any state educational institution located or thereafter located on the
leased premises.
(Amended 06—18—99)